Meet Peloton’s new CEO, Barry McCarthy

Peloton is seeking to skilled tech government Barry McCarthy to guide the corporate again into traders’ good graces and stabilize its enterprise after just a few curler coaster years.

McCarthy, who beforehand served as CFO of Spotify, is changing Peloton co-founder John Foley as chief government of the health firm, whereas Foley turns into government chairman. The corporate additionally minimize its income forecast, introduced plans to slash 2,800 jobs and overhauled its board in a flurry of stories Tuesday morning.

“Barry is a confirmed chief, well-known for his monetary acumen and file of driving transformative change at iconic firms together with Netflix and Spotify,” Karen Boone, lead impartial director of Peloton’s board and former RH CFO, mentioned in a press release.

The adjustments are efficient this week, Foley mentioned on a post-earnings convention name, including that he plans to work intently with McCarthy on Peloton’s turnaround. McCarthy and his wife are additionally large Peloton riders and have lengthy been followers of the model, in response to Foley.

McCarthy, 68, started working at Spotify in 2015, a 12 months after he joined the corporate’s board. He’s credited with pushing the corporate to pursue a direct itemizing to go public, serving to the corporate keep away from the normal charges and hoops of an preliminary public providing. McCarthy left the music streaming firm in early 2020 however rejoined its board. He additionally presently serves on the board of Instacart.

Previous to becoming a member of Spotify, McCarthy was Netflix’s CFO for greater than a decade underneath co-founder Reed Hastings. He took the corporate public whereas it was nonetheless recognized for transport DVDs to clients’ mailboxes. By the point he left the corporate in late 2010, Netflix had begun streaming tv reveals and flicks on its web site and was about to separate subscription plans for renting DVDs and streaming.

“He’s not solely acknowledged as an professional in working subscription enterprise fashions and serving to category-leading digital streaming firms flourish, however he has additionally had super success in partnering with founder CEOs at different manufacturers. I’m excited to study from him and work alongside him as Government Chair,” Foley mentioned in a press release.

Between his stints at Netflix and Spotify, McCarthy briefly served as chief working officer for Clinkle, a cellular funds firm. He has additionally sat on the boards of Eventbrite, Pandora, Lease the Runway, Chegg and NatureBox. His first CFO position was at Music Selection, a music programming firm, from 1993 to 1999.

Peloton shares closed Monday up greater than 25%, at $37.27, bringing the corporate’s market cap to $12.2 billion.

Correction: This text has been up to date to mirror that Barry McCarthy was Netflix’s CFO for greater than a decade.